Marketing!

1. Marketing! What’s it all about?

2. Marketing • “The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”

3. It is a process. It involves. . . Planning • Begins with what goods, services, and ideas to produce or sell in order to satisfy consumers’ needs and wants. • Analyzing potential consumers to determine who they are and what items to produce or sell in order to satisfy them.

4. It is a process. It involves. . . Pricing • Items must be priced so that consumers want to buy them. • Price indicates quality and/or value to consumers. • Price must be set to enable businesses to make a profit, but still be able to compete with others.

5. It is a process. It involves. . . Promoting • Marketing helps to create and stimulate demand for products by informing people about them. • Advertising, Sales promotion, Publicity, and Personal Selling are forms of promotion.

6. It is a process. It involves. . . Distributing • Involves shipping, handling, and storing of items on the way from the producers to the consumer. • Ensures that items are available when and where they are needed.

7. What is Marketed? • Durable Goods - desks, computers, houses • Nondurable Goods - food, cosmetics, gasoline • Services - banking, health care, job placement • People - Athletes, Musicians, Political Candidates • Places - Honeymoon locations, vacations • Organizations - NCAA, Labor unions, Art museums • Ideas - “Pitch in”, “Buckle up for Safety”

8. Benefits of Marketing • Raises the standard of living. • Adds utility to goods and services. • Makes buying convenient. • Maintains reasonable prices.

9. Benefits of Marketing • Improves the quality of life. • Provides a variety of goods and services. • Increases production.

10. Where does Marketing occur? Marketing is all around us! • All types of businesses use marketing: Producers Wholesalers Retailers

11. Where does Marketing occur? • It occurs in service-selling businesses. Examples: Banks, Real estate agencies, Hospitals, Dentists, Hotels/Motels, etc... • It occurs in nonprofit organizations. Examples: Churches, Universities, Labor unions

12. Marketing Concept • To succeed in business, managers must base their decisions on the needs and desires of consumers. • Businesses must give consumers what they want.

13. Elements of the Marketing Concept Customer Orientation • Businesses must determine how they can produce items people want and how can they do that more effectively. • Base decision-making about products on customer’s needs and wants.

14. Elements of the Marketing Concept Company Commitment • An organization that applies the marketing concept must focus all of its efforts on satisfying customer needs. • The marketing concept must become a part of the entire organization.

15. Elements of the Marketing Concept Company Goals • A company should achieve its goals by giving customers what they want. • Companies exist by achieving their long term goals- not by making quick sales and not achieving customer needs and wants.

16. Why is Marketing Important? • Increased production capacity. • Increased buying power of consumers. • Need for coordinating production and consumption.

17. Why is Marketing Important? • One-third of all workers are in marketing jobs. • Majority of businesses in the US are marketing-type businesses. • Fifty cents of every sales dollar goes to cover the costs of marketing.

18. Without Marketing. . . • Increased personal contact with businesses. • Less variety in products. • Fewer product improvements. • Fewer products developed. • Increased stock shortages or overages.